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Some oversold stocks that are showing signs of reversal (from a scan using StockTA):

MRB....1.89

OPTO...1.25

TKO....4.72

ULGX...4.09

VGZ....4.76

IGPG...1.05

Posts: 217 | From: Texas | Registered: Jun 2003  |  IP: Logged | Report this post to a Moderator
R1 Man
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I agree with TKO and ULGX, but the others...I disagree....especially on the gold stock. You should know that gold stocks are cheapest from march-may and highest from mid october-mid january. That stock will be dropping fast in the next few months.

I do like IGPG, but don't like the fact that its OTCBB....I would consider jumping in with $3,000 but if it was AMEX....I'd definately jump in with $7,500.

Nice picks though.

Posts: 2363 | From: Detroit | Registered: Mar 2005  |  IP: Logged | Report this post to a Moderator
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R1Man
Of course you may be right about gold in the next few months, but right now the gold index is still in a general uptrend. So who knows what they'll do in the very short term. In fact, my latest scan includes a couple more gold stocks :

WAVX...0.75
BCGI...1.15
TTP....1.45
CRAY...1.54
MGRM...1.61
BCON...2.10
BGO....2.86
PCOP...3.46
STEC...3.74
EGO....4.17

Of course, these are not buy recommendations, only a suggested list for those looking for ideas.

Posts: 217 | From: Texas | Registered: Jun 2003  |  IP: Logged | Report this post to a Moderator
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Because I've been posting lists of oversold stocks, it occurs to me that I ought to clarify my thinking on them.
Basically, there are two types of oversold stocks. The first type is a stock that has been in a general uptrend and has become temporarily oversold for no apparent reason except that traders are taking some profits.Usually, unless there is a fundamental change (bad news)the stock will resume its uptrend.
The second condition is a stock in a general downtrend, or even going sideways, with occasional
rallies followed by an oversold condition. Unless there's a fundamental change (good news), the stock will resume its general trend after a short rally.
While its possible to profit from either oversold condition, my opinion is that it's safer to buy oversold stocks that are in a general uptrend, unless there's some bad news.

Actually, my thinking was influenced by writings of Larry Williams,creator of the Williams %R, who advised buying only oversold stocks that were in a general uptrend.

I also should note that practically all technical scans are valid only for short swings of from 1 to five days, after which the results deteriorate unless there are some good news (especially in downtrending stocks).

I realize that most traders already know all of this, but there may be some out there that call themselves "newbies".

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R1 Man
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I usually refer to holds of 5 days or less as day traders....

Hey, one stock that caught my eye last week and I jumped in with $7,500 at $4.545 was UBET. This on should move back up to $5.70 in the next few months. If you follow the charts on it....you will see that I will be right.

Posts: 2363 | From: Detroit | Registered: Mar 2005  |  IP: Logged | Report this post to a Moderator
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R1Man
Even with the small loss today, UBET has done well for you. It does look like it may have started a reversal upwards. Good luck with it.

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Who I agree with your methods of finding oversold stocks in uptrend. Really works.
Posts: 539 | From: BIG D | Registered: Apr 2005  |  IP: Logged | Report this post to a Moderator
   

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